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Alexander De Lange
Alexander De Lange - Aurelia Financial Consultants cc - Johannesburg 18 November, 2009, 04:12Be the first to give this comment the thumbs up 0 likes

George: I could not agree more, data intelligence is the key to competitive differentiation and future business success, and certainly not only in transaction banking, although that seems to be one of the lesser explored areas in this regard.

A drum worth continuing being beaten!

A Finextra member
A Finextra member 19 November, 2009, 01:59Be the first to give this comment the thumbs up 0 likes

I agree with the premise of your comments.  With some smarter colleagues back in 2002 we saw the potential value in the data the bank had access to, couldaggregate and re-sell.  However the mindset of too many people in banks is on products and specifically those that 'action' value.

The part I disagree with is the bank being in the "middle of the flow of data".  Corporates don't want banks intermediating, they are looking to us to participate.  As such the bank should sit alongside the supply chain, participating when appropriate, but using the end-to-end visibility it can achieve to develop a helicopter view.  This view would faciliate new services around data, risk management and transaction services.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 19 November, 2009, 08:27Be the first to give this comment the thumbs up 0 likes

As a technology partner to various banks and having participated in many steering committees of transaction banking businesses of leading banks, I'm inclined to agree with Geoff's views.

There's a whole lot of 'product' mindset in banks, which is very good to keep the 'lights on', but creating new revenue streams from transaction banking data calls for a 'solution' mindset.  

I have come across a relationship manager at a Top 5 UK bank sensing strong potental to earn incremental revenues by offering hourly account balance insight to their corporate clients. But, they have been shooed away by their operations and IT citing that too much change would be required to their existing systems to fulfill this need. Can't say I blame the ops or IT departments because their first priority is to keep the shop running smoothly, so it's not hard to understand their "why fix it if ain't broken" attitudes.

I think this impasse can be broken by technology vendors partnering with transaction banking businesses of banks in order to create point solutions and taking them to market jointly.

 

 

George Ravich

George Ravich

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